SIGNATURE BANK MORE THAN DOUBLES CURRENT OFFICE SPACE WITH EMPIRE STATE REALTY TRUST AT 1400 BROADWAY
Empire State Realty Trust (NYSE: ESRT) announced that Signature Bank is expanding its office space at 1400 Broadway by over 168,310 square feet, doubling its previous space. The new lease covers a total of 280,182 square feet across 10 floors and is secured for 15 years. This move highlights the demand for quality office space, with ESRT providing exceptional energy efficiency and indoor air quality. ESRT manages 9.4 million square feet of office and retail properties in New York City, emphasizing its leadership in environmentally friendly real estate.
- Signature Bank's lease expansion indicates strong demand for quality office space.
- ESRT's leadership in energy efficiency and indoor air quality adds value to its properties.
- The long-term lease (15 years) enhances cash flow stability for ESRT.
- None.
NEW YORK, Jan. 5, 2022 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) announced that Signature Bank, a New York-based full-service commercial bank, has more than doubled its current office space at 1400 Broadway. The company will expand by 168,310 square feet from its previous 111,872 square foot office space for a total of 280,182 square feet across 10 full floors. Signature Bank's entire space is now under lease for 15 years.
Located along the improved Broadway Pedestrian Plaza, 1400 Broadway provides convenient access to nearby transportation, dining, lodging, and entertainment. Tenants benefit from ESRT's leadership in energy efficiency and premier indoor environmental quality – which includes MERV 13 filters and active bi-polar ionization – at rents that are a fraction of newer buildings.
"Signature Bank's expansion and lease extension are a testament to the market's general flight to quality and the value proposition of 1400 Broadway," said Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust. "Signature Bank will continue to benefit from unparalleled customer service and superior indoor environmental quality measures for a confident return to office."
Michael Cohen, Andrew Roos, and Howard Kaplowitz of Colliers International NY represented Signature Bank in the lease negotiations. Scott Klau, Erik Harris, Neil Rubin, of Newmark and Ryan Kass of Empire State Realty Trust represented the property owner.
More information about 1400 Broadway, and current availability, can be found online.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and manages a well-positioned property portfolio of office and retail assets in Manhattan and the greater New York metropolitan area. Owner of the Empire State Building, the World's Most Famous Building, ESRT also owns and operates its iconic, newly reimagined Observatory Experience. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality, and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of Dec. 31, 2021, ESRT's portfolio is comprised of 9.4 million rentable square feet of office space, and approximately 700,000 rentable square feet of retail space. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, Twitter and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of words such as "assumes," "believes," "estimates," "expects," "intends," "plans," "projects" or the negative of these words or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond ESRT's control and could materially affect actual results, performance or achievements. Such factors and risks include, without limitation, the current public health crisis and economic disruption from the COVID-19 pandemic, a failure of conditions or performance regarding any event or transaction described above, regulatory changes, and other risks and uncertainties described from time to time in ESRT's and ESROP's filings with the SEC, including those set forth in each of ESRT's and ESROP's Annual Report on Form 10-K for the year ended December 31, 2020, under the heading "Risk Factors". Except as may be required by law, ESRT and ESROP do not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise.
View original content to download multimedia:https://www.prnewswire.com/news-releases/signature-bank-more-than-doubles-current-office-space-with-empire-state-realty-trust-at-1400-broadway-301454807.html
SOURCE Empire State Realty Trust, Inc.
FAQ
What recent lease expansion did Empire State Realty Trust announce for Signature Bank?
How long is the new lease for Signature Bank at 1400 Broadway?
What are the benefits of the office space at 1400 Broadway managed by ESRT?
What is the total office space managed by Empire State Realty Trust?
